Simcere Pharma sells Boda subsidiary for $65 mn

Simcere Pharma has agreed to sell its 99.99 percent stake in Jilin Boda Pharma for $65 million

Simcere Pharma sells Boda subsidiary for $65 mn

Singapore: Simcere Pharma has agreed to sell its 99.99 percent stake in Jilin Boda Pharma for $65 million. The company from Nanjing had initially bought 51 percent ownership of Boda in 2007 for $15 million.

Both the companies are involved in the production of injectible edaravone drugs that act as neuroprotectives following a stroke.

Simcere chairman had recently offered $503 million to take Simcere private and the $65 million in sale proceeds will render the take-private deal easier to finance.